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Accounting & Bookkeeping & Small Business Forum
Accounting, Bookkeeping, Marketing, and Small Business Resource
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QB Newbie
Joined: 06 Jan 2008
Posts: 7
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| Posted: Wed Jan 23, 2008 1:24 am Post subject: Need a definition of FINANCIAL INSTRUMENT..... |
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that is endorsed by IASB.
I can google heeps of the definitionz on this term but don't know which one is endorsed by IASB. Since there is a standard of IAS 39 which is talking about the issue and I need a clear view of the term.
BTW, if anyone has the original standard, pls post the definition from it here
2nd BTW, non of the search results that I have done mentioned that their posted definition is quoting from IAS docs.
3rd BTW, if anyone is able to quote the definition from FASB and AASB docs, also very welcome |
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QB Newbie
Joined: 06 Jan 2008
Posts: 7
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| Posted: Wed Jan 23, 2008 2:10 am Post subject: Bingo ....OZ has it ! |
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In AASB 132 Financial Instruments: Disclosure and Presentation
It says: A financial instrumetn is any contract that gives rise to a financial asset of one entity and a financial laibility or equity instrument of another entity
Well done, OZy !!!
Since the AASB 132 also says that the standard is equivalent to IAS 32, I would assume that the definition is endorsed by IASB. How about FASB? is it harmonized with FAS docs?
BTW,
* Google people need to improve their search engine though, to include those online standards
* Wikipedia people need to add references on the topic
:D :D :D :D :D |
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